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TScan Therapeutics, Inc.

TCRX Healthcare Biotechnology

TScan Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.3 million, up 266.7% from fiscal 2024. In the quarter to June 2026, revenue fell 65.8%, EPS grew 17.9%, free cash flow grew 19.0% and total debt rose 1.50%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

0.23 0.01 −4.17%
Market cap
$16.2M
P/E
0.0×
Fwd P/E
−1.1×
Dividend yield
—
F-score
2/9
Altman Z
−3.54
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.15
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — 1 — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 58.97%

Capital & Financial Ratios $m

Market Cap 16.21
Revenue 7.11
Net Income (117.71)
Free Cash Flow (118.41)
Net Debt (67.38)
Current Ratio 3.37 (at or above 1.5: strong)
Debt/Equity 0.47 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (1.12) (negative: loss-making)
P/S ratio 4.20
P/B ratio 0.43
Past 5Y EPS Growth —
This Y EPS Growth 20.44% (at or above 15%: strong)
Next Y EPS Growth 24.57% (at or above 15%: strong)
Next Y revenue growth (71.71%) (below 0%: weak)
Next 5Y EPS Growth 16.60% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is −5.3×, against a ten-year median of −0.2×; over the ten years it ranged from −14.6× in 2021 to 45.8× in 2024.
P/S against its own 10 years 13.56%
10-year low 10-year high
P/B against its own 10 years 8.84%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 192 290 152 100
Receivables — — — —
Inventory — — — —
Other — — — —
194 293 157 104
2023 2024 2025 Q'26
Payables 2 4 1 3
ST’ Debt 3 — — 12
Other — — — —
30 36 19 31

Compound Annual Growth %

10y 5y 3y
Sales — 56.92% (8.63%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 0.00% 7.38%

Revenue $m

Mar Jun Sep Dec Year
’26 1 1 — — —
’25 2 3 3 3 10
’24 1 1 1 1 3
’23 7 3 4 7 21
’22 3 4 3 3 14
’21 2 3 2 3 10
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (24) (28) — — —
’25 (38) (33) (32) (32) (135)
’24 (29) (26) (28) (27) (111)
’23 (24) (22) 8 (24) (61)
’22 (20) (13) (17) (16) (67)
’21 (10) (11) (14) (14) (49)
’20 (5) 15 (6) (7) (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (24) (28) — — —
’25 (39) (35) (34) (32) (140)
’24 (30) (27) (29) (28) (115)
’23 (24) (22) 7 (24) (65)
’22 (21) (15) (17) (17) (71)
’21 (13) (15) (14) (17) (59)
’20 (6) 15 (7) (9) (7)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.22) (0.23) — — —
’25 (0.26) (0.28) (0.28) (0.18) (1.00)
’24 (0.32) (0.28) (0.25) (0.30) (1.14)
’23 (0.93) (0.51) (0.24) (0.21) (1.36)
’22 (0.67) (0.63) (0.67) (0.78) (2.75)
’21 (6.49) (7.69) (0.80) 10.81 (4.17)
’20 (7.13) (6.17) (7.16) (8.07) (28.52)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — 4.50 1.45 1.60 2.60 0.88

Analyst estimates 2026–2028

Powerpack
High — — — — — 14.71 5.60 7.15 9.69 3.21
People
People Employees — — — — 64 105 138 154 194 142
Revenue/emp, $m — — — — 0.02 0.10 0.10 0.14 0.01 0.07
Income, $m
Income, $m Revenue — — — — 1 10 14 21 3 10
Gross margin, % — — — 0.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT — — — (14) (26) (49) (66) (89) (127) (130)
EBT margin, % — — — 0.00 (2,408.02) (479.49) (489.26) (423.86) (4,527.66) (1,256.81)
Net income — 0 — (14) (26) (49) (66) (89) (127) (130)
Depreciation — — — 1 1 3 5 5 4 3
Per share, $
Per share, $ Revenue — — — 0.00 1.18 0.87 0.56 0.32 0.03 0.08
Earnings — — — (35.48) (28.52) (4.17) (2.75) (1.36) (1.14) (1.00)
Cash flow — — — (32.52) (3.30) (4.17) (2.77) (0.94) (0.99) (1.04)
Capex — — — (3.24) (4.63) (0.85) (0.18) (0.05) (0.03) (0.03)
Free cash flow — — — (35.76) (7.93) (5.03) (2.94) (0.98) (1.02) (1.08)
Book value — — — (44.51) (46.36) 13.79 4.13 2.30 2.15 0.95
Shares, m — — — 0 1 12 24 66 112 130
Valuation, ×
Valuation, × P/E — — — — 0.00 0.00 0.00 0.00 0.00 0.00
P/S — — — — 2.45 5.18 3.04 17.80 120.90 12.57
P/B — — — — 0.00 0.33 0.41 2.48 1.41 1.05
EV/Sales — — — — (14.23) (10.14) (3.39) 10.10 32.94 1.96
EV/FCF — — — — 1.95 1.76 0.65 (3.30) (0.81) (0.14)
Cash, $m
Cash, $m Operating cash flow — — — (13) (3) (49) (67) (61) (111) (135)
Capex — — — (1) (4) (10) (4) (3) (4) (4)
Free cash flow — — — (14) (7) (59) (71) (65) (115) (140)
Balance, $m
Balance, $m Working capital — — — 40 19 144 107 164 257 139
Total debt — — — 5 7 6 33 30 32 33
Net debt — — — (37) (27) (155) (87) (162) (258) (120)
Shareholders’ equity — — — (17) (42) 161 99 151 241 123
Returns, %
Returns, % ROA — — — (55.31) (52.72) (40.89) (34.21) (37.87) (39.64) (43.26)
ROIC — — — 0.00 0.00 (561.31) (336.46) 0.00 0.00 (2,610.99)
ROE — — — 45.83 87.67 (82.20) (50.90) (71.29) (65.08) (71.28)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

TScan Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACGN Aceragen, Inc. $17.1M — (loss-making) — (loss-making) +2,394.95% (above 0%: growing) n/m −115.67% (below 0%: shrinking) 100.00% (834.33%) Compare
RADX Radiopharm Theranostics Limited - Sponsored ADR $17.0M — — — — −137.75% (below 0%: shrinking) — — Compare
DYAI Dyadic International Inc. $16.8M — (loss-making) — (loss-making) −0.57% (below 0%: shrinking) n/m −1,298.54% (below 0%: shrinking) (2.39%) (213.73%) Compare
PBM Psyence Biomedical Ltd. $16.5M 0.2× — — n/m −707.20% (below 0%: shrinking) — 0.00% Compare
TCRX TScan Therapeutics, Inc. $16.2M — (loss-making) — (loss-making) −65.83% (below 0%: shrinking) n/m +18.95% (above 0%: growing) 100.00% (2,901.33%)
AKTX Akari Therapeutics PLC $15.5M — (loss-making) — — n/m +4.51% (above 0%: growing) 0.00% 0.00% Compare
VAXX Vaxxinity, Inc. $15.5M — (loss-making) — (loss-making) −100.23% (below 0%: shrinking) n/m +17.00% (above 0%: growing) 0.00% 0.00% Compare
MRKR MARKER THERAPEUTICS, INC. $15.3M — (loss-making) — (loss-making) +2.75% (above 0%: growing) n/m −97.84% (below 0%: shrinking) 100.00% 0.00% Compare
NCEL NewcelX Ltd. $15.3M — (loss-making) — — n/m −87.71% (below 0%: shrinking) 0.00% — Compare
Median of peers $16.0M — — +1.09% — −106.75% 0.00% 0.00%

All 614 Biotechnology stocks →

TScan Therapeutics, Inc. (TCRX) key facts

  • Strength: TScan Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.3 million, up 266.7% from fiscal 2024.
  • TScan Therapeutics, Inc. (TCRX) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, TCRX traded at $0.23, a market capitalization of $16.2 million.
  • Return on equity was −71.3% and debt-to-equity 0.47.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −3.54 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

TScan Therapeutics, Inc. (TCRX) Latest News

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stockrow.com/TCRX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com